DIY & Hardware Store - Costa Rica

In Costa Rica, the revenue generated in the DIY & Hardware Store market amounts to US$1.73bn in 2024.
It is projected that the market will experience an annual growth rate of 3.75% (CAGR 2024-2029).
Comparatively, China generates the highest revenue in the global market, with US$785bn in 2024.
When considering the total population, per person revenues of US$330.50 are generated in Costa Rica in 2024.
Costa Rica's DIY & Hardware Store market is experiencing a surge in demand for eco-friendly and sustainable products.

Definition:

The DIY (Do-It-Yourself) market refers to the retail market for products used in home improvement and repair projects, such as tools, hardware, building materials, and lawn and garden products. These products are marketed to consumers who want to perform home improvement projects on their own rather than hire a professional. The DIY market provides consumers with the materials and tools they need to complete projects ranging from simple repairs to complete renovations, allowing them to save money and express their creativity in their living spaces.

Structure:

The market is divided into seven different segments:

The Paint, Wallpaper & Supplies segment includes products used for interior and exterior decoration, renovation, and protection of residential buildings.
The Tools & Machines segment consist of products used for construction, maintenance, and repair tasks.
The Hardware & Building Materials segment includes a diverse range of products that play an important role in the structure, safety, and functionality of a building.
The Lawn & Garden segment encompasses products that help homeowners and landscapers to create and maintain attractive and functional outdoor living spaces.
The Heating & Cooling segment focuses on produts that help regulate indoor temperatures, ensuring comfort, energy efficiency, and air quality in homes.
The Bathroom Hardware segment includes products designed to enhance the functionality and appearance of bathrooms.
The Floor Covering segment encompasses products that serve to protect the floor, enhance the appearance of the room, provide insulation and comfort, and can add value to a property.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Tools such as power tools and hand tools
Hardware such as products related to safety and security
Lawn & Garden such as gardening tools and plant supplies
Heating & Cooling systems such as air conditioners and heaters
Bathroom fixtures such as toilets, faucets, and sinks
Floor Coverings such as parquet panels

Electrical supplies such as power inlets and extension cords
Household appliances such as refrigerators and dishwashers
Hardware services such as preventitive maintenance contracts
Professsional contruction machinery such as cement mixers
Air treatment devices such as purifiers and humidifiers

Costa Rica's DIY & Hardware Store market has been experiencing negligible growth, impacted by factors such as slow economic recovery, lack of consumer spending power, and limited access to the internet in rural areas. Despite this, the market is expected to see modest growth in the sub-markets of Floor Covering, Paint, and Tools & Machines due to increasing urbanization and government initiatives promoting home renovation. However, challenges in the Hardware & Building Materials and Heating & Cooling sub-markets, such as high import costs and limited market demand, are expected to hinder overall market growth.

Customer preferences: In Costa Rica, shoppers are increasingly prioritizing convenience and efficiency in their DIY and hardware store purchases. This trend is fueled by busy lifestyles and a growing reliance on technology to streamline tasks. As a result, there has been a rise in demand for online ordering and delivery services, as well as the use of mobile apps for product research and price comparison. Additionally, eco-conscious consumers are seeking out environmentally sustainable options, driving the availability of environmentally-friendly products in the DIY and hardware store market.

Trends in the market: In Costa Rica, the DIY & Hardware Store Market is experiencing a surge in demand for sustainable and eco-friendly products, driven by increasing consumer awareness about environmental responsibility. This trend is expected to continue as the government encourages sustainable practices and the construction industry adopts green building standards. Additionally, there is a growing interest in DIY home improvement projects due to the rising costs of professional labor. As a result, industry stakeholders need to adapt by offering a wider range of sustainable products and investing in online platforms to cater to the growing DIY market.

Local special circumstances: In Costa Rica, the DIY & Hardware Store Market is heavily influenced by the country's strong eco-tourism industry. The government's focus on sustainability has led to regulations promoting the use of environmentally-friendly construction materials. Additionally, the country's tropical climate and frequent natural disasters necessitate the availability of specialized hardware and tools for home repairs and construction. This unique combination of factors has created a market for eco-friendly and disaster-resistant DIY solutions in Costa Rica.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Costa Rica is heavily impacted by macroeconomic factors, such as the country's economic health and fiscal policies. The stability of the global economy also plays a significant role in the performance of the market, as any fluctuations can affect consumer spending and demand for DIY and hardware products. Additionally, government initiatives and investments in infrastructure development can drive growth in the market, while regulatory challenges and limited funding can present barriers to entry for businesses. Moreover, the country's demographics, such as an aging population, can impact the demand for home improvement and construction projects, which in turn affects the market for DIY and hardware products.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Building and renovating homes involves general contractors and subcontractors who build new homes and remodel existing homes. Home renovation projects also encompass the remodeling of external structures such as gardens, garages, and lawns. The total U.S. home improvement expenditure amounted to 566 billion U.S. dollars in 2022. Homeowners undertake home improvement to make residential properties more comfortable, upgrade air conditioning and heating systems, waterproof roofs and basements, soundproof rooms, and to extend their homes and boost energy savings.